Renewables

Japan could finance pumped storage hydropower plant Bistrica in Serbia as cost rises to EUR 1.2 billion

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August 2, 2023

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Published:

August 2, 2023

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Serbia is preparing to negotiate with Japan on financing the construction of pumped storage hydropower plant Bistrica, whose cost is now projected at EUR 1.2 billion, up from EUR 700 million. The 628 MW facility is expected to provide balancing and enable the integration of new solar power plants and wind farms.

The Ministry of Mining and Energy of Serbia recently announced that Japan International Cooperation Agency (JICA) has expressed interest in cooperation on the project.

Vučić: Energy minister is going to Japan for talks on Bistrica financing

Serbian President Aleksandar Vučić said at the end of July that Minister of Mining and Energy Dubravka Đedović was going to Japan to negotiate the financing of the Bistrica project.

Đedović has said it is important to continue discussions on securing financing, in parallel with the preparation of the environmental impact assessment and project design.

She also noted that Bistrica is a priority project in the government’s plan energy infrastructure and energy efficiency plan, and added it would play an important role in efforts to increase energy generation from renewable sources.

Serbia has asked Japan to finance the Bistrica project

In April, Minister of Finance Siniša Mali handed a letter of intent to outgoing Japanese ambassador Takahiko Katsumata, calling for stronger cooperation with JICA, specifically through the financing of the Bistrica project.

Serbia’s 2023 budget envisages guarantees worth EUR 600 million for loans for the investment.

According to an earlier estimate by state-owned power utility Elektroprivreda Srbije (EPS), the Bistrica pumped storage power plant could be put in operation by 2031.

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